MEXICO CITY,
Oct. 23, /PRNewswire-FirstCall/ -- Grupo Aeroportuario del Sureste, S.A.B. de C.V. (NYSE: ASR; BMV: ASUR), (ASUR)
the first privatized airport group in
Mexico and operator of Cancun Airport and eight other airports in southeast
Mexico, today announced results for the three-month period ended
September 30, 2008.
3Q08 Highlights1:
- EBITDA2 increased by 2.11% to Ps.439.3 million.
- Total passenger traffic was up 6.90%.
- Total revenues rose by 5.14%, mainly due to increases of 7.05% in aeronautical revenues and 1.54% in non-aeronautical revenues.
- Commercial revenues per passenger declined by 5.28% to Ps.48.64 per passenger.
- Operating profit declined by 0.16%.
- EBITDA margin was 39.22% compared with 41.30% in 3Q07.
1. Unless otherwise stated, all financial figures discussed in this announcement are unaudited, prepared in accordance with Mexican Financial Reporting Standards and represent comparisons between the three-month periods ended September 30, 2008, and the equivalent three-month period ended September 30, 2007. Results for 3Q07 and 9M07 are expressed in constant Mexican pesos as of December 31, 2007, while 3Q08 and 9M08 results are in nominal pesos. Tables state figures in thousands of pesos, unless otherwise noted. Passenger figures exclude transit and general aviation passengers. Commercial revenues include revenues from the activities of non-permanent ground transportation and parking lots. All U.S. dollar figures are calculated at the exchange rate of US$1 = Ps.10.9814.
2. EBITDA means net income before: provision for taxes, deferred taxes, deferred employees profit sharing, non-ordinary items, comprehensive financing cost, and depreciation and amortization. EBITDA should not be considered as an alternative to net income, as an indicator of our operating performance, or as an alternative to cash flow as an indicator of liquidity. Our management believes that EBITDA provides a useful measure of our performance that is widely used by investors and analysts to evaluate our performance and compare it with other companies. EBITDA is not defined under U.S. GAAP, and may be calculated differently by different companies.
Passenger Traffic
For the third quarter of 2008, total passenger traffic increased year-over-year by 6.90%. Domestic passenger traffic increased by 3.14% and international passenger traffic rose by 10.68%.
The 10.68% rise in international passenger traffic resulted mainly from an increase of 12.71% at Cancun airport.
The 3.14% rise in domestic passenger traffic resulted mainly from increases of 7.20%, 28.34%, 8.68%, 14.53%, 11.37% and 2.36%, at the Cancun, Cozumel, Huatulco, Oaxaca, Tapachula and Villahermosa airports, respectively.
For 9M08, total passenger traffic rose by 11.69% compared to 9M07, with domestic passenger traffic up 11.75% and international passenger traffic up 11.64%.
Table I: Domestic Passengers (in thousands)
Airport 3Q07 3Q08 % Change 9M07 9M08 % Change
Cancun 900.4 965.2 7.20 2,319.8 2,641.0 13.85
Cozumel 18.7 24.0 28.34 51.2 71.8 40.23
Huatulco 79.5 86.4 8.68 227.8 216.7 (4.87)
Merida 296.6 279.0 (5.93) 800.4 896.4 11.99
Minatitlan 45.4 37.9 (16.52) 136.1 116.5 (14.40)
Oaxaca 118.4 135.6 14.53 334.7 390.1 16.55
Tapachula 51.9 57.8 11.37 153.0 177.7 16.14
Veracruz 243.3 225.1 (7.48) 665.2 682.6 2.62
Villahermosa 216.2 221.3 2.36 586.0 701.1 19.64
TOTAL 1,970.4 2,032.3 3.14 5,274.2 5,893.9 11.75
Note: Passenger figures exclude transit and general aviation passengers.
Table II: International Passengers (in thousands)
Airport 3Q07 3Q08 % Change 9M07 9M08 % Change
Cancun 1,766.8 1,991.4 12.71 6,454.5 7,282.1 12.82
Cozumel 96.4 90.6 (6.02) 366.8 371.9 1.39
Huatulco 8.1 3.8 (53.09) 62.7 61.7 (1.59)
Merida 36.3 30.8 (15.15) 103.5 92.0 (11.11)
Minatitlan 1.5 1.2 (20.00) 3.4 3.4 -
Oaxaca 12.8 13.0 1.56 32.2 36.4 13.04
Tapachula 1.0 0.9 (10.00) 3.3 3.2 (3.03)
Veracruz 20.3 20.4 0.49 52.4 54.6 4.20
Villahermosa 14.7 14.9 1.36 37.9 40.0 5.54
TOTAL 1,957.9 2,167.0 10.68 7,116.7 7,945.3 11.64
Note: Passenger figures exclude transit and general aviation passengers.
Table III: Total Passengers (in thousands)
Airport 3Q07 3Q08 % Change 9M07 9M08 % Change
Cancun 2,667.2 2,956.6 10.85 8,774.3 9,923.1 13.09
Cozumel 115.1 114.6 (0.43) 418.0 443.7 6.15
Huatulco 87.6 90.2 2.97 290.5 278.4 (4.17)
Merida 332.9 309.8 (6.94) 903.9 988.4 9.35
Minatitlan 46.9 39.1 (16.63) 139.5 119.9 (14.05)
Oaxaca 131.2 148.6 13.26 366.9 426.5 16.24
Tapachula 52.9 58.7 10.96 156.3 180.9 15.74
Veracruz 263.6 245.5 (6.87) 717.6 737.2 2.73
Villahermosa 230.9 236.2 2.30 623.9 741.1 18.79
TOTAL 3,928.3 4,199.3 6.90 12,390.9 13,839.2 11.69
Note: Passenger figures exclude transit and general aviation passengers.
Consolidated Results for 3Q08
Total revenues for 3Q08 increased year-over-year by 5.14% to Ps.734.3 million. This was mainly due to increases of:
- 7.05% in revenues from aeronautical services, principally as a result of the 6.90% rise in passenger traffic; and
- 1.54% in revenues from non-aeronautical services, principally as a result of the 1.05% rise in commercial revenues detailed below.
ASUR classifies commercial revenues as those derived from the following activities: duty-free services, car rental, retail, banking and currency exchange, advertising, teleservices, non-permanent ground transportation, food and beverage, and parking lots.
Commercial revenues rose by 1.05% year-over-year during the quarter, mainly as a result of revenue increases in the following areas principally from the rise in passenger traffic:
- 31.42% in duty-free stores;
- 19.38% in banking and currency exchange services;
- 14.54% in advertising;
- 12.43% in ground transportation;
- 8.34% in retail operations; and
- 2.50% in car rental companies.
These increases were partially offset with declines in the following areas:
- 32.92% in food and beverage;
- 6.48% in teleservices;
- 6.37% in other revenues; and
- 4.35% in parking lots.
Retail and Other Commercial Space
Business Name Type Opening Date
Cancun
Watch my Watch Gift shop September 2008
Sunglass Island Gift shop December 2007
Island Cabo Gift shop December 2007
Cloe Gift shop September 2007
XpresSpa Spa July 2007
Merida
Cloe Gift shop August 2007
Veracruz
GoGo Jewelry August 2007
Villahermosa
GoGo Jewelry July 2007
Retail revenues continued to benefit from higher concession fees from local craft and specialty shops, teleservices and tourism operators. The increase in car rental revenues reflects rate increases negotiated in October 2007 and the lease of eight new commercial parking facilities in Terminal 3. Revenues from banking and currency exchange services rose as a result of the opening of new Banco Santander branches at the Cancun, Merida and Veracruz airports.
During July 2007, ASUR received a one time payment of Ps.18 million from a food and beverage concessionaire.
Total operating costs and expenses for 3Q08 increased 8.86% year over year, primarily as a result of:
- a 15.50% increase in cost of services, primarily reflecting increases of 22.88% in energy costs, 13.38% in personnel, 49.46% in professional fees, 6.07% in the cost of security services, 42.04% in maintenance costs and 5.81% in cleaning costs. The increase in personnel costs reflects the personnel reorganization implemented in the 2Q08, while the increase in maintenance costs resulted mainly from the operation of Terminal 3 at Cancun Airport, in operation since May 2007. Professional fees increased as a result of services and studies received in connection with the negotiation of the master development plan for 2008-2023;
- a 6.75% increase in depreciation and amortization, resulting from the depreciation of investments in fixed assets and improvements made to concession assets; and
- a 1.84% increase in concession fees paid to the Mexican government, mainly due to higher revenues (a factor in the calculation of the fee).
These increases were partially offset by reductions of 6.58% in administrative expenses and of 2.28% in the technical assistance fee paid to ITA, reflecting the decline in EBITDA for the quarter (a factor in the calculation of the fee).
Operating margin for the quarter declined to 39.22% from 41.30% in 3Q07. This was mainly the result of the 8.86% increase in costs, which more than offset the 5.14% increase in revenues during the period.
Following the changes in Mexican tax law that took effect January 1, 2008, which established a new flat rate business tax (“Impuesto Empresarial a Tasa Unica”, or “IETU”) and eliminated the asset tax, we evaluated and reviewed our deferred assets and liabilities position under Mexican Financial Reporting Standards. As a result of this review, we created a deferred IETU provision that resulted in a charge to income in the quarter of Ps.1.45 million. During 3Q08, the ASUR subsidiaries that pay IETU made provisional tax payments of Ps.42.46 million.
Net income for 3Q08 declined to Ps.233.91 million, from Ps.242.17 million in 3Q07. Earnings per common share for the quarter were Ps.0.7797, or earnings per ADS (EPADS) of US$0.7100 (one ADS represents ten series B common shares). This compares with Ps.0.8072, or EPADS of US$0.7351, for the same period last year.
Table IV: Summary of Consolidated Results for 3Q08
3Q07 3Q08 % Change
Total Revenues 698,441 734,306 5.14
Aeronautical Services 455,352 487,469 7.05
Non-Aeronautical Services 243,089 246,837 1.54
Commercial Revenues 205,689 207,845 1.05
Operating Profit 288,489 288,018 (0.16)
Operating Margin % 41.30% 39.22% (5.03%)
EBITDA 430,169 439,256 2.11
EBITDA Margin % 61.59% 59.82% (2.87%)
Net Income 242,173 233,910 (3.41)
Earnings per Share 0.8072 0.7797 (3.41)
Earnings per ADS in US$ 0.7351 0.7100 (3.41)
Note: Figures for 3Q07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while figures for 3Q08 are in thousands of nominal pesos. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 10.9814.
Table V: Commercial Revenues per Passenger for 3Q08
3Q07 3Q08 % Change
Total Passengers (‘000) 4,006 4,273 6.67
Total Commercial Revenues 205,689 207,845 1.05
Commercial revenues
from direct operations (1) 35,197 30,960 (12.04)
Commercial revenues excluding
direct operations 170,492 176,885 3.75
Total Commercial Revenue per
Passenger 51.35 48.64 (5.28)
Commercial revenue
from direct operations per
passenger (1) 8.79 7.25 (17.52)
Commercial revenue per
passenger (excluding direct
operations) 42.56 41.39 (2.75)
Note: For purposes of this table, approximately 77,600 and 73,900 transit and general aviation passengers are included for 3Q07 and 3Q08, respectively. Revenue figures for 2Q07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while revenue figures for 3Q08 are in thousands of nominal pesos.
(1) Revenues from direct commercial operations represent solely the Company’s operation of ten convenience stores, which opened in May 2007, as well as the direct sale of advertising space by the Company, which started in August 2006.
Table VI: Operating Costs and Expenses for 3Q08
3Q07 3Q08 % Change
Cost of Services 183,275 211,689 15.50
Administrative 26,403 24,665 (6.58)
Technical Assistance 23,658 23,118 (2.28)
Concession Fees 34,936 35,578 1.84
Depreciation and Amortization 141,680 151,238 6.75
TOTAL 409,952 446,288 8.86
Note: Figures for 3Q07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while figures for 3Q08 are in thousands of nominal pesos.
Consolidated Results for 9M08
Total revenues for 9M08 increased year-over-year by 13.61% to Ps.2,412.7 million. This was mainly due to increases of:
- 10.35% in revenues from aeronautical services as a result of the 11.69% rise in passenger traffic during the period; and
- 20.83% in revenues from non-aeronautical services, principally as a result of the 22.92% rise in commercial revenues detailed below, which in turn was a consequence of the increase in passenger traffic.
Commercial revenues for 9M08 rose by 22.92% year-over-year, principally as a result of revenue increases from the following areas:
- 38.96% from duty-free revenues;
- 25.40% from retail revenues;
- 26.82% from advertising revenues;
- 29.10% from banking and currency exchange services;
- 23.45% from ground transportation services;
- 10.56% from teleservices;
- 10.63% from food and beverage;
- 5.41% from parking lot revenues;
- 6.38% from car rental companies; and
- 22.04% from other income.
Total operating costs and expenses for 9M08 increased by 9.65%, mainly due to the following:
- a 7.40% increase in cost of services, due mainly to increases of 25.88% in energy costs, 14.91% in professional fees, 14.81% in security costs, and 21.72% in maintenance expenses, in each case resulting from the opening of Terminal 3 in May 2007;
- a 0.58% increase in administrative expenses;
- a 12.90% increase in depreciation and amortization, resulting from the depreciation of investments in fixed assets and improvements made to concession assets;
- a 15.46% rise in technical assistance costs reflecting the corresponding increase in EBITDA during the period; and
- a 12.50% increase in concession fees, mainly due to higher revenues.
Operating margin increased to 45.76% for 9M08, up from 43.80% for 9M07. This was mainly the result of the 13.61% increase in revenues, which more than offset the 9.65% increase in costs and expenses during the period.
Net income for 9M08 increased by 17.94% to Ps.841.14 million. Earnings per common share for the period were Ps.2.8038, or earnings per ADS (EPADS) of US$2.5532 (one ADS represents ten series B common shares). This compares with Ps.2.3773, or EPADS of US$2.1649, for the same period last year.
Table VII: Summary of Consolidated Results for 9M08
9M07 9M08 % Change
Total Revenues 2,123,656 2,412,714 13.61
Aeronautical Services 1,463,331 1,614,814 10.35
Non-Aeronautical Services 660,325 797,900 20.83
Commercial Revenues 548,874 674,681 22.92
Operating Profit 930,100 1,103,981 18.69
Operating Margin % 43.80% 45.76% 4.47
EBITDA 1,328,766 1,554,083 16.96
EBITDA Margin % 62.57% 64.41% 2.94
Net Income 713,202 841,144 17.94
Earnings per Share 2.3773 2.8038 17.94
Earnings per ADS in US$ 2.1649 2.5532 17.94
Note: Figures for 9M07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while figures for 9M08 are in thousands of nominal pesos. U.S. dollar figures are calculated at the exchange rate of US$1 = Ps. 10.9814.
Table VIII: Commercial Revenues per Passenger for 9M08
9M07 9M08 % Change
Total Passengers ( ‘000) 12,638 14,093 11.51
Total Commercial Revenues 548,874 674,681 22.92
Commercial revenues
from direct operations (1) 88,134 112,426 27.56
Commercial revenues
excluding direct
operations 460,740 562,255 22.03
Total Commercial Revenue
per Passenger 43.43 47.87 10.22
Commercial revenue
from direct operations per
passenger (1) 6.97 7.98 14.49
Commercial revenue per
passenger (excluding
direct operations) 36.46 39.89 9.41
Note: For purposes of this table, approximately 246,800 and 253,600 transit and general aviation passengers are included for 9M07 and 9M08, respectively. Revenue figures for 9M07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while revenue figures for 9M08 are in thousands of nominal pesos.
(1) Revenues from direct commercial operations represent solely the Company’s operation of ten convenience stores, which opened in May 2007, as well as the direct sale of advertising space by the Company, which started in August 2006.
Table IX: Operating Costs and Expenses for 9M08
9M07 9M08 % Change
Cost of Services 539,975 579,939 7.40
Administrative 77,890 77,442 (0.58)
Technical Assistance 70,843 81,793 15.46
Concession Fees 106,182 119,457 12.50
Depreciation and Amortization 398,666 450,102 12.90
TOTAL 1,193,556 1,308,733 9.65
Note: Figures for 9M07 are expressed in thousands of constant Mexican pesos as of December 31, 2007, while figures for 9M08 are in thousands of nominal pesos.
Tariff Regulation
The Mexican Ministry of Communications and Transportation regulates the majority of ASUR’s activities by setting maximum rates, which represent the rates for the maximum possible revenues allowed per traffic unit at each airport.
ASUR’s regulated revenues for the first nine months of 2008 were Ps.1,649.91 million, resulting in an annual average tariff per workload unit of Ps.116.37. ASUR’s regulated revenues accounted for approximately 71.20% of total income for the period.
The Mexican Ministry of Communications and Transportation reviews compliance with the maximum rates on an annual basis at the close of each year.
Balance Sheet
On September 30, 2008, Airport Facility Usage Rights and Airport Concessions represented 79.07% of the Company’s total assets, with current assets representing 16.18% and other assets representing 4.75%.
On September 30, 2008, cash and marketable securities were Ps.1,776.78 million. On the same date, shareholder’s equity was Ps.14,746.67 million and total liabilities were Ps.2,325.60 million, representing 86.79% and 13.62% of total assets, respectively. Total deferred liabilities represented 82.31% of the Company’s total liabilities.
Capital Expenditures
During the quarter, ASUR made investments of Ps.294.61 million as part of ASUR’s ongoing plan to modernize its airports pursuant to its master development plans.
Recent Developments
ASUR Purchases 130 Hectares Of Land In Huatulco
On October 17, 2008, Grupo Aeroportuario del Sureste, S.A.B. de C.V. (“ASUR”) paid Ps. 286.3 million to purchase 130 hectares of land on Huatulco bay from the National Tourism Fund, or FONATUR. ASUR won the right to purchase this land through a public bidding process initiated in August 2008. The transaction was authorized by ASUR’s Board of Directors on September 11, 2008.
This acquisition is part of a program launched by the Federal Government and FONATUR to promote and accelerate the development of Huatulco as a flagship city for Mexican tourism in the Pacific Region. Pursuant to the terms of the purchase agreement, ASUR is required to construct at least 1,300 hotel rooms on the property over the next four years.
ASUR intends to sign agreements with third parties, including tourism real estate developers and hotel operators, to develop the acquired 130 hectares with the objective of generating self-sufficient and profitable independent projects while meeting FONATUR’s requirements.
ASUR believes that to achieve a substantial increase in passenger traffic at Huatulco airport, this destination requires an additional number of available hotel rooms. As a result, ASUR, acting as promoter of the region, intends to conduct studies to determine how best to develop the land and to fulfill related requirements necessary to facilitate the commercialization of these projects.
ASUR believes the investment required for this project in 2009 will not be significant.
3Q08 Earnings Conference Call
Day: Friday, October 24, 2008
Time: 10:00 AM US EDT; 9:00 AM Mexico City time
Dial-in number: (888) 713-4217 (US & Canada) and
(617) 213-4869(International & Mexico)
Access Code: 93747624
Pre-registration: If you would like to pre-register for the conference
call use the following link: https://www.theconferencingservice.com/prereg/key.process?key=PXHUJENF9
Pre-registering is not mandatory but is recommended as
it will provide you immediate entry into the call and
will facilitate the timely start of the conference.
You will receive a code that allows you to enter the
call directly. Pre-registration only takes a few
moments, and you may do so at any time, including up
to and after call start time. To pre-register, please
click the link above. Alternatively, if you would
rather be placed into the call by an operator, please
call at least 10 minutes prior to call start time.
Replay: Starting Friday, October 24, 2008 at 12:00 PM US ET,
ending at midnight US ET on Friday, October 31, 2008.
Dial-in number: (888) 286-8010 (US & Canada);
(617) 801-6888 (International & Mexico).
Access Code: 19908024.
About ASUR:
Grupo Aeroportuario del Sureste, S.A.B. de C.V. (ASUR) is a Mexican airport operator with concessions to operate, maintain and develop the airports of Cancun, Merida, Cozumel, Villahermosa, Oaxaca, Veracruz, Huatulco, Tapachula and Minatitlan in the southeast of Mexico. The Company is listed both on the NYSE in the U.S., where it trades under the symbol ASR, and on the Mexican Bolsa, where it trades under the symbol ASUR. One ADS represents ten (10) series B shares.
Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in ASUR’s filings with the SEC. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Operating Results per Airport
Results for 3Q07 and 9M07 are expressed in thousand of constant Mexican pesos in purchasing power as of December 31, 2007, while 3Q08 and 9M08 results are expressed in thousand of nominal pesos.
3Q07 3Q08 % change
Cancun
Aeronautical Revenues 321,334 351,964 9.53
Non-Aeronautical Revenues 201,198 202,478 0.64
Operating Profit (101,910) (146,092) (43.35)
EBITDA (8,049) (47,755) (493.30)
Cozumel
Aeronautical Revenues 14,461 14,729 1.85
Non-Aeronautical Revenues 5,645 5,660 0.27
Operating Profit 41,611 (6,791) (116.32)
EBITDA 49,725 1,480 (97.02)
Merida
Aeronautical Revenues 32,244 31,515 (2.26)
Non-Aeronautical Revenues 12,837 12,673 (1.28)
Operating Profit (4,791) 401 108.37
EBITDA 5,775 12,171 110.75
Villahermosa
Aeronautical Revenues 24,807 26,545 7.01
Non-Aeronautical Revenues 7,708 8,688 12.71
Operating Profit 22,503 5,733 (74.52)
EBITDA 29,725 13,880 (53.31)
Other
Aeronautical Revenues 62,506 62,716 0.34
Non-Aeronautical Revenues 15,701 17,338 10.43
Operating Profit 331,076 434,767 31.32
EBITDA 352,993 459,480 30.17
Group
Aeronautical Revenues 455,352 487,469 7.05
Non-Aeronautical Revenues 243,089 246,837 1.54
Operating Profit 288,489 288,018 (0.16)
EBITDA 430,169 439,256 2.11
9M07 9M08 % change
Cancun
Aeronautical Revenues 1,072,977 1,192,769 11.16
Non-Aeronautical Revenues 543,406 666,198 22.60
Operating Profit 486,786 533,345 9.56
EBITDA 743,202 825,540 11.08
Cozumel
Aeronautical Revenues 53,627 56,384 5.14
Non-Aeronautical Revenues 17,035 18,389 7.95
Operating Profit 55,073 2,144 (96.11)
EBITDA 78,916 26,781 (66.06)
Merida
Aeronautical Revenues 89,448 97,590 9.10
Non-Aeronautical Revenues 34,842 39,402 13.09
Operating Profit 10,950 16,169 47.66
EBITDA 41,332 51,394 24.34
Villahermosa
Aeronautical Revenues 66,938 81,425 21.64
Non-Aeronautical Revenues 20,460 24,559 20.03
Operating Profit 34,793 26,620 (23.49)
EBITDA 56,791 50,834 (10.49)
Other
Aeronautical Revenues 180,341 186,646 3.50
Non-Aeronautical Revenues 44,582 49,352 10.70
Operating Profit 342,498 525,704 53.49
EBITDA 408,525 599,535 46.76
Group
Aeronautical Revenues 1,463,331 1,614,814 10.35
Non-Aeronautical Revenues 660,325 797,900 20.83
Operating Profit 930,100 1,103,982 18.69
EBITDA 1,328,766 1,554,084 16.96
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Balance Sheet as of September 30, 2008 and 2007
Results for 3Q07 and 9M07 are expressed in thousand of constant Mexican pesos in purchasing power as of December 31, 2007, while 3Q08 and 9M08 results are expressed in thousand of nominal pesos.
September September
2007 2008 Change %
A s s e t s
Current Assets
Cash and cash
equivalents 1,793,005 1,776,786 (16,219) (0.90)
Trade receivables, net 237,851 350,921 113,070 47.54
Recoverable taxes and
other current assets 96,151 634,566 538,415 559.97
Total Current Assets 2,127,007 2,762,273 635,266 29.87
Fixed Assets
Machinery, furniture
and equipment, net 266,462 274,730 8,268 3.10
Rights to use airport
facilities, net 2,203,593 2,140,329 (63,264) (2.87)
Improvements to use
airport facilities,
net 3,007,442 3,025,395 17,953 0.60
Constructions in
process 192,634 448,060 255,426 132.60
Others 70,564 232,917 162,353 230.08
Total Fixed Assets 5,740,695 6,121,431 380,736 6.63
Deferred Assets
Airports concessions,
net 8,089,119 7,884,244 (204,875) (2.53)
Deferred income taxes - - - -
Deferred flat rate
business tax - 210,525 210,525 -
Other 118,034 93,795 (24,239) (20.54)
Total Deferred Assets 8,207,153 8,188,564 (18,589) (0.23)
Total Assets 16,074,855 17,072,268 997,413 6.20
Liabilities and
Stockholders' Equity
Current Liabilities
Trade accounts payable 16,185 15,394 (791) (4.89)
Notes payable - - - -
Accrued expenses and
others payables 209,632 373,225 163,593 78.04
Total Current Liabilities 225,817 388,619 162,802 72.09
Long term liabilities
Other 18,497 22,585 4,088 22.10
Deferred income taxes 1,086,332 1,202,268 115,936 10.67
Deferred flat rate
business tax - 705,939 705,939 -
Deferred employees
profit sharing 38,064 - (38,064) (100.00)
Labor obligations 9,791 6,186 (3,605) (36.82)
Total Long Term
Liabilities 1,152,684 1,936,978 784,294 68.04
Total Liabilities 1,378,501 2,325,597 947,096 68.70
Stockholder's Equity
Capital stock 12,799,204 12,799,204 - -
Legal reserve 167,926 194,044 26,118 15.55
Share repurchase
reserve 1,003,428 - (1,003,428) (100.00)
Net income for the
period 713,202 841,144 127,942 17.94
Retained earnings 12,594 912,279 899,685 7,143.76
Total stockholders'
Equity 14,696,354 14,746,671 50,317 0.34
Total Liabilities and
Stockholders' Equity 16,074,855 17,072,268 997,413 6.20
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1, to September 30, 2008
and 2007
Results for 3Q07 and 9M07 are expressed in thousand of constant Mexican pesos in purchasing power as of December 31, 2007, while 3Q08 and 9M08 results are expressed in thousand of nominal pesos.
I t e m Accumulative Accumulative Variation
2007 2008 %
Revenues
Aeronautical Services 1,463,331 1,614,814 10.35
Non-Aeronautical Services 660,325 797,900 20.83
Total Revenues 2,123,656 2,412,714 13.61
Operating Expenses
Cost of services 539,975 579,939 7.40
General and administrative
expenses 77,890 77,442 (0.58)
Technical Assistance 70,843 81,793 15.46
Concession fee 106,182 119,457 12.50
Depreciation and
Amortization 398,666 450,102 12.90
Total Operating Expenses 1,193,556 1,308,733 9.65
Operating Income 930,100 1,103,981 18.69
Comprehensive Financing cost 25,449 110,098 332.62
Non Ordinary Item
Non Ordinary Item - 9,770 -
Income Before Income Taxes 955,549 1,204,309 26.03
Current income taxes and flat
rate business tax 11,444 255,605 2,133.53
Deferred income taxes 230,903 101,289 (56.13)
Deferred flat rate business
tax - 6,271 -
Net Income for the Year 713,202 841,144 17.94
Earning per share 2.3773 2.8038 17.94
Earning per ADS USD 2.1649 2.5532 17.94
Exchange rate per dollar 10.9814
Commercial Revenues 548,874 674,681 22.92
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Income from January 1, to September 30, 2008 and 2007
Results for 3Q07 and 9M07 are expressed in thousand of constant Mexican pesos in purchasing power as of December 31, 2007, while 3Q08 and 9M08 results are expressed in thousand of nominal pesos.
I t e m Quarter Quarter Variation
2007 2008 %
Revenues
Aeronautical Services 455,352 487,469 7.05
Non-Aeronautical Services 243,089 246,837 1.54
Total Revenues 698,441 734,306 5.14
Operating Expenses
Cost of services 183,275 211,689 15.50
General and administrative
expenses 26,403 24,665 (6.58)
Technical Assistance 23,658 23,118 (2.28)
Concession fee 34,936 35,578 1.84
Depreciation and
Amortization 141,680 151,238 6.75
Total Operating Expenses 409,952 446,288 8.86
Operating Income 288,489 288,018 (0.16)
Comprehensive Financing cost (9,272) 48,624 (624.42)
Non Ordinary Item
Non Ordinary Item - 342 -
Income Before Income Taxes 279,217 336,300 20.44
Current income taxes and flat
rate business tax 3,523 164,704 4,575.11
Deferred income taxes 33,521 (62,304) (285.87)
Deferred flat rate business
tax - (10) -
Net Income for the Year 242,173 233,910 (3.41)
Earning per share 0.8072 0.7797 (3.41)
Earning per ADS USD 0.7351 0.7100 (3.41)
Exchange rate per dollar 10.9814
Commercial Revenues 205,689 207,845 1.05
Note: During 3Q07 ASUR signed an intercompany agreement that recognized the obligation to operate the nine concessions jointly.
Grupo Aeroportuario del Sureste, S.A.B. de C.V.
Consolidated Statement of Cash flow from January 1 to September 30, 2008
Results for 3Q07 and 9M07 are expressed in thousand of constant Mexican pesos in purchasing power as of December 31, 2007, while 3Q08 and 9M08 results are expressed in thousand of nominal pesos.
Related Accumulative Quarter
2008 2008
Operating Activities
Income Before Income Taxes 1,204,309 336,300
Items related with investing
activities:
Depreciation and Amortization 450,102 151,238
Interest income (107,961) (33,884)
Provisions (14,378) 23,117
Sub Total 1,532,072 476,771
Increase in trade receivables (71,506) 9,383
Decrease in recoverable taxes and
other current assets (26,539) (39,017)
Other deferred assets (7,256) 2,912
Income tax paid -
Trade accounts payable (1,680) 3,604
Accrued expenses and others
payables (190,032) (16,977)
Long term liabilities 2,133 2,533
Net cash flow provided by
operating activities 1,237,193 439,209
Investing Activities
Investments in machinery,
furniture and equipment, net (123,229) (6,849)
Investments in rights to use
airport facilities - -
Investments in constructions in
process (223,683) (144,897)
Investments in others (195,892) (176,748)
Interest income 107,961 33,884
Net cash flow provided by
investing activities (434,843) (294,610)
Excess cash used in financing
activities: 802,350 144,599
Dividends paid (600,000) -
Tax on dividends paid (351,262) -
Net cash flow provided by
financing activities (951,262) -
Net increase in cash and cash
equivalents (148,912) 144,599
Cash and cash equivalents at
beginning of period 1,925,697 1,632,187
Cash and cash equivalents at the
end of period 1,776,785 1,776,786
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